Total Danish exports of goods and services to the United States have fallen by 25 percent from the fourth quarter of 2024 to the first quarter of 2025.

In other words, tariffs and other diplomatic tensions appear to be having a strong and negative impact on the Danish economy, for which the U.S. remains one of its main export markets.

The report comes from TV 2, which cites data from Statistics Denmark. The Copenhagen Post has attempted to locate the data, but there is no official publication from the Danish statistical agency confirming these figures. It is likely that TV 2 used data from the statistics bank—meaning the figures are based on raw data compiled by the broadcaster.

TV 2 also quotes Tore Stramer, Chief Economist of the Danish Chamber of Commerce, commenting on the figures:

“It’s a very dramatic drop in a single quarter, unprecedented in the history of the statistics. Before anyone panics, however, it’s important to point out that exports to the U.S. had, conversely, surged significantly toward the end of the year.”